ASK Property Investment Advisors, the real estate private equity arm of ASK Group has announced initial close of its Rs 1,000 crore seventh domestic fund - ‘ASK Real Estate Special Situations Fund - I ( RESSF-I).

ASK has raised Rs 535 crore for this fund till date.

Amit Bhagat, MD & CEO, ASK Property Investment Advisors said, “The objective of this fund is to provide flexible and patient capital. Currently, developers’ balance sheets as well as individual projects are facing cash crunch. Our strong research team identifies bankable projects that need this capital. In our view, focus on construction and project completion coupled with declining home loan interest rates will revive residential real estate demand leading to an improvement in cash flows sufficient to generate returns. The fund will be focusing on investing in mid segment and affordable residential projects and generating sustainable risk adjusted returns.”

Sunil Rohokale, MD & CEO, ASK Group said, “We have a successful track record of raising funds through institutions and family offices of which majority of commitment is from existing investors in this fund. I am delighted that the trust from our client is further strengthened by ‘CRISIL Fund Management Capability Level - 1' rating. This year, we would like to deploy Rs 1,000 crore with average investments of up-to Rs 200 crore. Our strategies are in line with customer needs, market situations, economic conditions and government policies, hence we are certain of a bright future.’’

ASK Real Estate Special Situations Fund will continue with its strategy to stay focused only on top 6 cities (Mumbai, Delhi-NCR, Chennai, Bengaluru, Pune and Hyderabad), investing and partnering reputed and bankable developers. The investments will be in launched projects at the construction stage with all requisite approvals in place.

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